Kishore Biyani resigns as Future Retail managing director

New Delhi, May 2 (IANS) Future group chairman Kishore Biyani resigned from the post of managing director of Future Retail Ltd (FRL) as a part of rearrangement of the group’s business, the company said on Monday.

The retail giant said Rakesh Biyani also resigned from the post of joint managing director as well as director of the company as part of a restructuring to carry out the merger with Bharti Retail with the company announced last year.

However, Kishore Biyani would continue to hold office as non executive director of the company, the company said in a BSE filing.

The resignations would be effective from the closing business hours of May 1, the company said.

In May last year, the Future group approved the consolidation and realignment of its retail operations with Bharti Retail Ltd to form one of the biggest supermarket chains.

In order to streamline the operations resulting from the consolidation, the respective board of directors had proposed to demerge the retail business of Future Retail to Bharti Retail and to demerge the infrastructure business of Bharti Retail to Future Retail.